City Assessment Drop Means School District Will Have to Raise Taxes 3%. Property tax of $650,000 home will go up about $300

If the school district continues with its policy of using all the tax levy it can legally impose on White Plains property owners under the New York State imposed tax cap, ($167 Million), the middle market priced home will pay an additional $280 to $300 in property taxes to make up the difference caused by the drop in the assessment roll.

The million drop drop in the school district city assessment roll from $279.3 Million to $278.3 Million in 2014, just released by the City Assessor’s office Monday, automatically hits the White Plains property owner with a $17 increase in the school tax rate from $583.21 per thousand dollars of assessed this year to $600 per $1,000 of assessed valuation, if the school district levys all the taxes it can under Governor Andrew M. Cuomo’s tax cap.

Currently that is the plan. The district is figuring on levying $67.1 Million dollars on the district, pending delivery of the instruction budget next Monday that will show the final proposed budget. Of course some surprise state aid may be give a cash transfusion at the last moment limiting the damage.

The school district Monday reported the increase in the state-sanctioned levy is 2.53%, but because of the million dollar decline in the school district Assessment roll, the TAX RATE has to be raised $17 to make up the loss.

That is a 3% tax increase. Since the district is eager to stay within the 1.5% tax cap, and earn rebate checks for tax payers, the impact may be less.

The impact on the city tax rate to make up the shortfall of $761,498,000 from last year is substantially less. The city tax rate will only have to go up 56 cents to make up the tax levy shortfall. But, obviously, we have no idea how much the city will have to raise the 2014-15 city budget. That will become clear in April when the budget currently being crafted in city hall out of the public eye is made public.